An Irvine, California, man was arrested in Huntington Beach for mortgage fraud. The mail fraud charges were contained in an indictment returned by a federal grand jury and unsealed after the arrest was made. The charges allege that the accused 48-year-old mortgage broker falsified information about employers, assets and income for straw buyers who claimed to be executives in the accused man’s company.
Using this technique, the indictment alleges that the accused man originated more than $5 million in residential mortgage loans. In many cases, the purported borrowers listed these residences as their primary homes. Foreclosures on these properties resulted in losses of more than $2 million. If convicted, the accused man could face 30 years in jail and more than $1 million in fines.
The charges were the result of an investigation by the FBI as well as the California Attorney General and arrest by the Huntington Beach Police Department. The case will be prosecuted by United States Attorneys in federal court.
Federal charges often carry longer prison sentences and heavier fine structures than charges made at a local level. Federal cases also tend to be very serious for the accused because U. S. attorneys may have more resources than local prosecutors and can often mount prosecutions that are more difficult for those accused to fight. A federal criminal defense attorney may be able to offer representation and support for those accused of federal crimes by representing them in their defense efforts. A criminal defense attorney may be able to help someone accused of a federal crime mount a successful defense or arrange a plea to lesser charges.
Source: Roseville Patch, “Irvine man arrested in Roseville mortgage scheme,” Joshua Staab, March 25, 2013